Galaxy Graphite TSXV:GXY shares doubled to $0.10 on February 7, following the release of sample assays from the company’s Buckingham project in Quebec.

Of 48 grab samples collected during the 2012 campaign, three large samples weighing over one kilogram each were analysed for flake size distribution as well as grade. Results for the three samples show:

1.8% Cg with flake sizes that are 37.89% medium or greater, 22.43% large or greater and 11.02% jumbo

2% Cg with flake sizes that are 30.25% medium or greater, 30.2% large or greater and 17.31% jumbo.

Along with sampling, the 2012 program included mapping and ground geophysics. Graphite mineralization coincides with electro-magnetic conductors, the company stated. Several conductive trends appear to coincide with graphitic outcrops and indicate extensions from the Dominion mine, one of two former graphite mines on the property. A planned drill campaign will focus on those extensions.

In a statement accompanying the results, Galaxy president/CEO Chris Healey said, “The results of this field work have clearly demonstrated the potential to discover a graphite deposit on the Buckingham property, with a substantial portion of the graphite being of the high-demand large-jumbo flake size.”

The 1,324-hectare Buckingham property is on a highway 40 kilometres east of Ottawa. Galaxy’s Sun graphite property is a 4,200-hectare package 145 kilometres by road from the deep-sea port of Baie-Comeau on the St. Lawrence River.

The news sent Galaxy shares on a wild ride. The stock opened February 7 at $0.05, two cents above the previous close. At one point the shares dipped to $0.045, but they shot up to $0.11 before closing at $0.10.